In The Press

MIC Global intends to become Lloyd’s coverholder of Greenlight Re’s Syndicate 3456

10.10.2024
Company News Press Release Underwriting
a pr greenlightre
MIC Global and Greenlight Re logos

LONDON, UNITED KINGDOM (Oct. 10, 2024) – MIC Global (MIC) is pleased to announce that it intends to become a Lloyd’s coverholder of Greenlight Re’s Syndicate 3456 (S3456) subject to applicable approvals. This strategic move marks a strengthening of the partnership between MIC and Greenlight Re, building on their shared focus on innovation within the Lloyd’s market.

MIC is focused on embedding micro insurance solutions for platform businesses, while S3456 is specialised in delivering market-leading insurance products through partnerships with leading InsurTechs.

Greenlight Re has been a strategic partner of MIC since its inception, and this next step further solidifies this collaboration. Both parties aim to leverage their collective expertise and resources to drive greater innovation at Lloyd’s.

Jamie Crystal, CEO of MIC, said:

“We are excited about joining forces with S3456. This allows us to build on our existing partnership and to leverage the scale and resources that S3456 and Lloyd’s bring. We are confident that this will enhance the value we can deliver to our clients and business partners.”

Pat O’Brien, CEO of Greenlight Re Ireland, added:

“We are delighted to welcome MIC to S3456. We are confident that the combined strength will create an even more dynamic and innovative hub within Lloyd’s. The addition of MIC as a coverholder with S3456 will provide substantial value and resources to both Greenlight Re and MIC, and we look forward to building on this strong foundation.”

Lorraine Harfitt, CEO of Asta, said:

“This partnership represents an exciting opportunity to strengthen the innovative capabilities of S3456. We look forward to supporting their continued growth and success at Lloyd’s.”


About MIC Global:

MIC Global is a full-stack embedded micro insurance provider purpose-built to transform the insurance industry by reimagining and integrating simple and relevant insurance products that provide loss of income cover for people so that they can provide for their families and recover swiftly. MIC was founded with an aspirational goal to help close the insurance protection gap by providing inclusive and affordable insurance to people and to support them in their time of need.

To learn more, please visit https://www.micglobal.com or Contact Us (Press Inquiries)

About Greenlight Re:

Greenlight Capital Re, Ltd. (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

About Asta:

Asta Managing Agency is the leading third-party managing agent at Lloyd’s and is responsible for 12 syndicates, eight SIABs and one SPA, with capacity under management in 2024 of more than £2.5bn:

  • Syndicate 4242 and SPA 1416 (Beat)
  • Syndicate 4747 (Carbon)
  • Syndicate 1988 (CFC)
  • Syndicate 2786 (Everest)
  • Syndicate 3123 (Fidelis)
  • Syndicate 1985 (Flux)
  • Syndicate 2689 (Hampden Risk Partners)
  • Syndicate 2525 (Ive)
  • Syndicate 1609 (Mosaic)
  • Syndicate 1892 (MPS)
  • Syndicate 1322 (Trium)
  • Syndicate 1699 (Volante)

8 SIABs:

  • Syndicate 2427 (Agile)
  • Syndicate 3456 (Greenlight)
  • Syndicate 1902 and Syndicate 1966 (MCI)
  • Syndicate 5183 (MIC)
  • Syndicate 1922 (Oka)
  • Syndicate 1796 (Parsyl)
  • Syndicate 2880 (Sukoon)

MGAs:

Asta Underwriting Management Limited (AUML) brings the skills, experience and capabilities of the leading third-party managing agency at Lloyd’s to the MGA market.

MGAs under management:

  • Arma Underwriting Limited
  • Artes
  • Paul Witzenfeld MGA

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MIC Global welcomes Mark Campbell as Innovation Underwriting Director

08.21.2023
Company News Underwriting
Mark Welcome

MIC Global is pleased to introduce Mark Campbell as Innovation Underwriting Director and Active Underwriter s5183.

Based in the UK, Mark joins our Underwriting team as a key figure based in London. Mark will be driving collaboration between our Underwriting and Business Development teams – ensuring that coverage and product design, pricing, and terms and conditions are developed as intended, as well as protecting the underwriting profitability of MIC. Mark will be working with our clients and insurance partners, ensuring their support of our programs globally.  

Mark has over 20 years of professional experience in global Accident and Health underwriting and has developed a comprehensive career within the insurance industry. We look forward to the diverse experience in direct and reinsurance underwriting, insurance strategy development, and relationship management that Mark will bring to MIC. 

On joining MIC, Mark says “Joining MIC allows me to utilise my extensive industry expertise to assist in the acceleration and continued development of exciting and innovative ways to bring microinsurance products to consumers. Most importantly products which provide consumers with simple and valuable protection when ‘life gets in the way’.”

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In The Press

MIC Global welcomes Kalpesh Shah as Head of Syndicate Management

08.14.2023
Company News Underwriting
Kalpesh Welcome

MIC Global is pleased to welcome Kalpesh Shah to the Underwriting team as Head of Syndicate Management.

Based in the UK, Kalpesh joins our Underwriting team becoming the central point of contact for all Syndicate-related matters including finance, business planning, and underwriting performance management. He will be supporting our company leadership and Active Underwriter in the smooth running of MIC Global Syndicate 5183, creating our annual Lloyd’s business plan and working to ensure its metrics are achieved, ensuring MIC’s overall growth and profitability.

Kalpesh’s professional history spans over 20 years in the insurance industry, covering Finance and Underwriting Services where he has been pivotal in improving processes, quality of data and the timely delivery of financial information to help leadership make informed decisions.

On joining MIC, Kalpesh says “MIC embraces diversity and inclusion in its business, from employees to customers which resonates with my passion in the area.  The organisation employs individuals from around the world with their focus being on the skillset they can bring to the company, this combined with micro insurance products that offer solutions to an overlooked demographic is amazing.  The fact that micro insurance is also an untapped market is an exciting prospect, being able to be part of an organisation like this allows me to help drive the change in a positive, innovative and exciting manner.”

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MIC Global welcomes Vanessa Mugwelo as Pricing Actuary

08.02.2023
Company News Underwriting
Vanessa Welcome

MIC Global is pleased to welcome Vanessa Mugwelo to the Underwriting team as Pricing Actuary.

Based in Kenya, Vanessa joins our growing international Underwriting team to develop data strategies, monitor our product performance, and create pricing models in order to drive pricing decisions within the department.
 
Vanessa’s professional history encompasses the insurance and actuarial industry, where she emphasized dedicated client service, precise policy documentation, streamlined operations, and insurance pricing expertise. Her adeptness in formulating and implementing data-driven pricing strategies that optimize risk and value will contribute to heightened client satisfaction and improved financial results at MIC.

On joining MIC, Vanessa says “The vibrant and forward-thinking atmosphere at MIC, marked by its positive culture and diversity, immediately resonated with me. Its track record of nurturing professional development and fostering creativity is truly appealing. I’m enthusiastic about bringing my expertise to a team that values excellence and embraces innovative solutions in the microinsurance sector. Joining MIC entails becoming a member of a visionary organization that prioritizes exceptional client value and industry leadership.”

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In The Press

MIC Global welcomes Lyric Lewis as Head of Claims

10.05.2022
Company News Underwriting
LyricCard

MIC Global is excited to welcome Lyric Lewis to the team as Head of Claims.

Based in Nashville, Tennessee, Lyric graduated from MTSU with a Finance Degree focusing on Insurance and Risk Management. Lyric Lewis has since built up over 20 years of claims and operations experience having lead teams at CNA Insurance, Unitrin Multi-Lines Insurance Company and Property Damage Appraisers, Inc. His experience ranges from Long Term Care and Life to Property and Casualty Insurance. Lyric looks forward to applying his skills, knowledge and business acumen to the microinsurance space.

On joining MIC, Lyric says “I am passionate about being a part of an organization that is purpose driven in its mission, and MIC Global embodies this by endeavoring to innovate and deliver insurance accessibility to traditionally underserved communities globally. I look forward to developing and providing innovative embedded microinsurance products with partner companies worldwide in new and intriguing ways. I am proud and excited to join this dynamic team!”

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In The Press

MIC Global Promotes Paige Stiefel to Chief Underwriting Officer

08.15.2022
Company News Underwriting
CUO card

MIC Global is delighted to announce the promotion of Paige Stiefel to Chief Underwriting Officer. At MIC, being the Chief Underwriting Officer is broader than the traditional industry standard of CUO. At its core, Underwriting is an art, not a science. At MIC, the CUO embodies creativity, artistry, and innovation – all key skills of Paige.

Being the CUO at MIC Global means dealing with some of the most innovative companies and startup in the world and matching that innovation through underwriting. This is where the art comes in, taking ambiguity, data, analysis, and experience to tell a story and create meaningful products and experiences for our customers. With Paige’s leadership the underwriting team listens to our customers to break down traditional insurance barriers to take our customers on a journey – a journey to develop programs that provide protection, trust, peace of mind, and an overall safety net.


Read more: Introducing MIC Global’s Innovation Underwriters

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In The Press

Introducing MIC Global’s Innovation Underwriters

08.03.2022
Company News Underwriting
IUW blog

MIC Global is excited to announce the creation of Innovation Underwriters. Today, we highlight our first two Innovation Underwriters, Kostas Diakogeorgios (left) and Antonio Pedro. Based in London and New York, respectively, and covering the Americas, Europe, Middle East, Africa, and Asia; our Innovation Underwriters will be on the frontlines of product creation and implementation, looking for new and interesting approaches to embedded microinsurance insurance!

“The opportunity to be one of the first Innovation Underwriters at MIC Global is exciting; it’s an absolute privilege to grow my underwriting experience to develop new and innovative ways to bring microinsurance to the masses. MIC Global is constantly striving to drive product innovation and I’m confident that I can do my part to help!”

– Kostas Diakogeorgios

“It is a great pleasure to have been offered a position as one of the first, of what I am sure will be many, Innovation Underwriters within MIC and the insurance industry. The role aims to reinvent the way insurance companies do business by promoting greater homogeneity between underwriting and sales processes and I am excited to see where I can take this role, and where this role takes me as I develop as an underwriter.”

– Antonio Pedro

Read more: MIC Global Promotes Paige Stiefel to Chief Underwriting Officer

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In The Press

What do we mean? : Coverage

07.08.2022
Insurtech Micro Insurance Underwriting
blog coverage

As a Coverholder of Lloyd’s, alongside MIC Re, we are able to provide underwriting for our own microinsurance coverages. So what does ‘Coverage’ mean here at MIC Global?

“Coverage”

Our coverage is there for when unfortunate events happen. We put money back in your customer’s pockets so they can quickly return to living their lives; whether it’s money to recover from water damage or giving your customers a lump sum payment towards unexpected medical bills as part of your credit card membership, embedded coverage benefits both our B2B customers and their customers alike.

Illustration of thief stealing package from front door
Illustration patient in hospital bed with nurse

Coverage is the amount of risk or liability covered by a policy or plan.

It looks different depending on the partnering business and what is being covered.

Illustration person building cabinet
Illustration doctor with patient with bandaged leg

We work with our B2B partners to create innovative products and services that can be embedded seamlessly into their existing digital processes.

Embedded microinsurance allows platform businesses to offer additional value to their customers by providing relevant and easy-to-understand coverage at the exact time they need it.

Illustration Two mobile phones, one with cracked screen
Illustration of people working server and making claims on devices

We put money in people’s pockets by helping our platform partners support their customers. Our coverages are handled with our low-code technology, which includes advanced machine learning algorithms to speed up the claims process, getting people paid fast so that they can focus on recovery.


Let’s Talk

We’d love to hear about your business and your needs. Contact us to see how we can help you increase revenue and improve KPIs by using embedded microinsurance products to attract and retain customers and service providers.

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In The Press

Embedded Coverage for Today’s Digital World from MIC Global

06.27.2022
Insurtech Micro Insurance Underwriting
blog embedded

Allow us to re-introduce ourselves, we are MIC Global – we are a full-stack, digital-first insurance company, working with B2B organisations on embedded coverage products and solutions.

This is what we do and who we are, but what does it all mean? In the first of a new series, let’s break down our offering…

“Embedded”

Our embedded coverage products are included with a device or service, such as a smart doorbell. This increases sales by differentiating your product and adds stickiness to subscription models.

Read more about our definition of Embedded

Illustration of person holding smart doorbell with embedded coverage
Illustration of thief stealing package from front door with an embedded coverage doorbell

“Coverage”

Our embedded coverage is there for when life happens. We put money in people’s pockets through our platform partners, so people can concentrate on recovery; whether that’s replacing a stolen package or getting back on their feet after disaster strikes.

Read more about our definition of Coverage

“Full Stack”

We are InsureTech 2.0 – a complete digital offering including product design, underwriting, customer journey, global fulfillment, and claims, all enabled by our low-code tech platform.

Read more about our definition of Full Stack

Illustration of person working console with insurance examples
Illustration of people working server and making claims on devices

“Digital”

Our digital-first approach utilises our low-code technologies with advanced automation and machine learning capabilities, so we are able to process and pay benefits faster than ever.

Read more about our definition of Digital


Let’s Talk

We’d love to hear about your business and your needs. Contact us to see how we can help you increase revenue and improve KPIs by using embedded insurance products to attract and retain customers and service providers.

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In The Press

MIC Global commences underwriting at Lloyd’s through Syndicate 5183

06.22.2022
Press Release Underwriting
a pr Lloyds

Update Jan. 1, 2025: MIC Global Syndicate 5183 has closed as of the end of its 2024 Year of Account. MIC continues to offer Lloyd’s backed insurance underwriting as a Coverholder of Greenlight Re’s Syndicate 3456. Read more.

NEW YORK, NY, UNITED STATES (June 22, 2022) – MIC Global announces today that it has received approval for Lloyd’s Syndicate 5183 to commence underwriting, effective immediately. Syndicate 5183 will be managed by Asta through Lloyd’s syndicate-in-a-box (SIAB) platform.

Syndicate 5183 further cements MIC Global as an international leader in providing embedded solutions to platform companies – a position which is further strengthened by the appointment of Erik Johnson as Senior Underwriting Manager in support of its objectives.

Harry Croydon, COO and Co-Founder of MIC Global, said:

“Through our new syndicate at Lloyd’s, MIC Global can now offer companies highly relevant, affordable insurance products which can easily be embedded into their existing digital processes. This will accelerate the delivery of micro insurance products when and where customers need them, allowing them to gain access to cover that is not readily available through traditional insurance methods. The hard work of the team, coupled with the support of Asta, has been fundamental to our successful application.”

Steve Haase, President of STP Insurance Services, LLC, a USA-based broker, spearheaded the organization of MIC Global’s first two partnerships that will allow the company to underwrite business through Lloyds Syndicate 5183.  

The first partnership is with InsureTEK – a manufacturer of an IoT water sensor system, that helps predict and prevent catastrophic water events before they happen.

Michael P. Murphy, KM President, and CEO of InsureTEK comments:

“When we were seeking a company to strategically partner with us on our innovative Loss Control as a Service platform, we searched the market for a company that understood that the risk management and insurance markets needed to evolve to stay relevant. MIC Global brought an entrepreneur’s spirit matched with a technical expertise that quite simply has become a cornerstone of our business. Their innovators and professionals are second to none in matching outside the box thinking with regulatory compliance and coming up with a solution where 1+1= 5!”

MIC Global’s second account to be underwritten by Syndicate 5183 is h.way, a Hispanic-owned neobank built around the financial needs and issues facing the Hispanic community. 

Lionel Carrasco, Founder and CEO at h.way, said:

“We have found that much of our customer base does not have health insurance. By partnering with MIC Global, we are helping our members get access to up to $1,000 for unexpected medical expenses as part of our h.way membership experience. This is an example of how we develop banking services centered around the specific financial needs of our Hispanic community. MIC Global’s value proposition clearly aligns with our company’s purpose of providing equitable financial services and cultural-driven product innovation.”

Julian Tighe, CEO of Asta, adds:

“We are delighted that MIC Global’s Syndicate has received approval from Lloyd’s to commence underwriting. Entry to Lloyd’s allows MIC Global to greatly expand the reach of its offering. Collaborations like this serve as an excellent example of how Asta can assist forward-thinking organizations such as MIC Global with accessing the Lloyd’s market.”

Jamie Crystal, Executive Chairman of MIC Global, concludes:

“We strongly believe embedded insurance is the future for the insurance industry and will help provide resources for the many people that don’t have access under traditional systems. We are thrilled to receive approval to commence underwriting as a Lloyd’s syndicate. This will assist us in driving forward our mission to provide embedded insurance solutions throughout the world.”

️ Embedded micro insurance and innovative underwriting can help your business. Talk to us today.

About MIC Global:

MIC Global is a full stack digital insurance company that provides embedded insurance for today’s digital world. MIC Global combines insurance capacity, in-country insurance licenses, world class distribution, and scalable tech. MIC Global creates embedded insurance solutions for platform companies that adds value by:

1. Enhancing their brand
2. Differentiates their product
3. Drives up revenue
4. Attracts and retains customers

For more information, please visit https://www.micglobal.com or Contact Us (Press Inquiries)

About Asta: 

Asta Managing Agency Ltd is the leading third-party managing agent at Lloyd’s and is responsible for ten syndicates, one SPA and four Syndicates-in-a-Box with capacity under management in 2022 of more than £1.5bn.  

Asta Underwriting Management Limited (AUML) brings the skills, experience, and capabilities of the leading third-party managing agency at Lloyd’s to the MGA market. AUML currently manages four MGAs.

See https://www.asta-uk.com/our-clients/ for full details. 


Read more: MIC Global Receives ‘In-Principle’ Approval to Establish Syndicate 5183

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